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IIA IIA-CIA-Part2 Exam Syllabus Topics:

Section	Weight	Objectives
Engagement Planning	50%	- Establish engagement criteria and resource requirements - Identify and assess risks relevant to the engagement - Consider fraud risks and applicable laws/regulations - Develop engagement work program - Determine engagement objectives and scope
Engagement Supervision and Communication	10%	- Coordinate with stakeholders and resolve issues - Monitor and follow up on engagement outcomes - Develop and communicate engagement observations and conclusions - Supervise engagement activities and review workpapers - Formulate recommendations and action plans
Information Gathering, Analysis and Evaluation	40%	- Apply analytical procedures and data analysis techniques - Assess compliance with policies, standards, and requirements - Evaluate controls, risks, and process effectiveness - Use technology and audit tools effectively - Gather and verify relevant information and evidence

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IIA Internal Audit Engagement Sample Questions (Q610-Q615):

NEW QUESTION # 610
Which of the following statements about assurance maps is correct?

A. An assurance map is a picture of all assurance engagements performed by the internal audit activity across the organization
B. An assurance map is used by the chief audit executive to coordinate assurance activities with other internal and external assurance providers
C. An assurance map lists the procedures and testing activities performed by an internal audit team during an assurance engagement
D. An assurance map is used by the engagement supervisor to coordinate the roles of various internal audit team members assigned to assurance engagements

Answer: B

NEW QUESTION # 611
An internal auditor observes a double payment transaction on a supplier invoice during an accounts payable engagement Which of the following steps would be the most effective in helping the auditor determine whether fraud exists?

A. Review the poor year's transaction volume and amounts paid compared to the poor year's budget
B. Extend the audit scope and perform additional testing of controls on other related areas
C. Perform data analytics on the supplier's information, invoiced amounts, and payments performed
D. Switch the existing assurance engagement into a fraud investigation engagement

Answer: C

NEW QUESTION # 612
Which of the following is a disadvantage of using flowcharts during a risk assessment?

A. People cannot quickly understand the processes via flowcharts
B. Some serious risks that are not part of the linear process can be missed
C. Flowcharts are not applicable for evaluating the design of controls
D. Flowcharts do not enable auditors to identify missing controls

Answer: B

Explanation:
One disadvantage of using flowcharts during a risk assessment is that they may not capture serious risks that are not part of the linear process flow. Flowcharts are excellent tools for visualizing processes and identifying control points within a structured workflow. However, they might overlook risks that arise from non-linear interactions, external factors, or complex interdependencies that are not easily represented in a flowchart format. This limitation can result in an incomplete risk assessment if the auditor relies solely on flowcharts without considering other methods to identify all potential risks.
Reference:
Institute of Internal Auditors (IIA), Practice Guide - Auditing the Control Environment.

NEW QUESTION # 613
A bakery chain has a statistical model that can be used to predict daily sales at individual stores based on a direct relationship to the cost of ingredients used and an inverse relationship to rainy days. What conditions would an auditor look for as an indicator of employee theft of food from a specific store?

A. Both total sales and cost of ingredients used are greater than expected.
B. Both total sales and cost of ingredients used are less than expected.
C. On a rainy day, total sales are greater than expected when compared to the cost of ingredients used.
D. On a sunny day, total sales are less than expected when compared to the cost of ingredients used.

Answer: C

Explanation:
In the scenario provided, the bakery chain ' s statistical model predicts that daily sales should have an inverse relationship with rainy days, meaning that on rainy days, sales are generally expected to be lower. However, if an auditor notices that on a rainy day, total sales are greater than expected when compared to the cost of ingredients used, this could indicate potential employee theft of food. The reasoning is that if sales are unusually high despite weather conditions that typically depress sales, it may be that the reported sales are inflated or that ingredients are being used without corresponding sales being recorded, which could suggest theft.
IIA References:
IIA Standard 1220: Due Professional Care implies that auditors should consider the likelihood of significant errors, fraud, or noncompliance when assessing risks and performing audit procedures. Unusual patterns or deviations from expected results, as seen in this scenario, should raise red flags for potential fraudulent activity, such as theft.

NEW QUESTION # 614
Direct staff as a percentage of total staff is an example of which of the following types of efficiency measures?

A. Productivity ratio.
B. Productivity index.
C. Resource utilization rate.
D. Operating ratio.

Answer: D

Explanation:
Section: Volume A

NEW QUESTION # 615
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